Blackstone Hits Record AUM Of $250 Billion

The Blackstone Group L.P. (NYSE:BX) released its earnings numbers for the three months ended September 30 2013 before the market opened on Wall Street today. The company showed earnings of $1.23 billion. Revenue for the third quarter came in at $1.2 billion. The firm revealed that Assets Under Management hit their highest level of all time at the end of the third quarter.

In the run up to the release of this earnings report, analysts following The Blackstone Group L.P. (NYSE:BX) were looking for earnings per share of 56 cents from the company by consensus. Revenue in the same period was expected to come in at $1.3 billion. In the same three months of 2012 Blackstone earned $3.47 per share on revenue totaling $2.3 billion.

Blackstone earnings

Though this report showed a slight miss on earnings from The Blackstone Group L.P. (NYSE:BX), it still showed a strong quarter from the company. Assets under management hit $248 billion in the period, the largest number they have ever reached. Blackstone also managed to increase business in each of its sectors, bar its M&A advisory business.

Because Blackstone concentrates on investment, the way it reports its numbers is often a little different. The company keeps Economic Net Income, a measure of its profitability, at the head of its earnings report. The company said that number came in at $640.2 million, or 56 cents per unit.

Blackstone performance

Shareholders in The Blackstone Group L.P. (NYSE:BX) have had a good year despite the pressure on most alternative asset managers. The company’s stock is up more than 70% since the year began. The market responded poorly to this morning’s earnings miss. Shares were down a little over 1% at time of writing in pre-market.

The Blackstone Group L.P. (NYSE:BX) executives will host a conference call to discuss these earnings figures at 11AM EST. The big topics will be the firm’s guidance for the fourth quarter and expectations about the world economy going ahead.